A 59,153-square-foot New Hartford manufacturing building occupied by a specialty tape manufacturer has sold for $4.2 million.
In a deed recorded March 17, the single-story manufacturing building on 8.8 acres at 29 Industrial Park Road — in the Greenwood Industrial Park — sold to a Brooklyn, New York-based limited liability company whose principals are Abe and Melvin Fischman.
The main portion of the facility was completed in 1979, with an extension added in 2006.
The seller was an LLC whose principal, Curtiss A. Rutsky founded specialty tape manufacturer Syntac Coated Products in 2001. Syntac was acquired by North Carolina-based Shuretape Technologies in 2017.
Rutsky, at the time of the deal, stayed on as CEO of the division that was renamed Shurtape Technologies’ Engineered Solutions Group. According to a press release announcing the 2017 sale, the division and its 50 staff would continue to operate in New Hartford, as well as in a newly built 23,000-square-foot facility in Sarasota, Florida.
A Shuretape representative confirmed its operation in New Hartford continues under the new landlord.
The seller was represented by Jake Elkins and John Harris of industrial real estate consulting and brokerage firm Binswanger, operating out of Manhattan.
The property was advertised with Shuretape as an ongoing tenant, with a lease extending to May 31, 2008, with options to extend.
Elkins, a Binswanger sales associate, said the property had been on the market a little more than a year. It benefitted from recent major capital repairs, including a new roof, new boiler and more – making it unlikely the new owners will face major capital expenses for some time.
The sale demonstrates the attraction Connecticut’s industrial market holds for investors, even in secondary markets like New Hartford, Elkins said.
“I think this building, particularly, and this sale definitely shows there is still confidence despite a softening of the industrial leasing market since 2021-2022,” Elkins said. “There is still confidence for regional investors in markets like Connecticut and tertiary markets like New Hartford.”
